If the data breach is found to be genuine, and if the company is found guilty on the grounds of dereliction of duty, or misleading the general public and the RBI about the data breach, actions taken against it will be severe, the person quoted above said.
'In India, managers and the leadership almost glorify overworking.'
Income Tax department have released different tools to help you file your ITR-3 form easily.
In an attempt to avoid Satyam-like frauds, a Sebi panel has suggested rotation of audit partners signing the accounts and giving more teeth to the company's audit committee.
The first phase of Election 2024 on Friday, April 19, 2024, covered 102 seats across 21 states and Union Territories.
In a relief for foreign firms giving loans to Indian subsidiaries, tax authorities have said goods and services tax (GST) will not be imposed on them, subject to some caveats. Additional fees, commissions, or related payments - over and above the amount charged as interest - on these loans will attract GST at 18 per cent, the Central Board of Indirect Taxes and Customs (CBIC) has said.
Joint audits and inspections by the ICAI/DCA are critical if the system has to work.
This follows a recommendation by the Income Tax department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju's confession. I-T officials said since the returns were e-filed, there was no provision to check whether or not the tax audit reports were certified by the chartered accountant.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
The Comptroller and Auditor General can do a performance audit of production sharing contracts
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
'If there is an artiste somewhere in India or in the world who wants to express her art, I hoped that this award would inspire them, and add meaning to their journey.'
The Delhi high court on Tuesday dismissed a public interest litigation over the alleged molestation of a boy by the Dalai Lama, as claimed to have been shown in a video clip that went viral last year, saying the religious leader was "being playful" and has already apologised for the incident.
Audit firm Deloitte has resigned as auditors of Byju's citing a delay in submission of financial statements while almost simultaneously three of the edtech firm's board members have quit in what is being seen as a deepening crisis at the decacorn. Deloitte Haskins & Sells, which was slated to audit Byju's until 2025, stepped down with "immediate effect" mid-term stating that "the financial statements of the company are long delayed. In a letter sent to the board of Think & Learn Pvt Ltd (known as Byju's), Deloitte said it has not been able to start an audit due to the delays and that will have a "significant impact" on its ability to "plan, design perform and complete" the audit as per standards.
Better protection for depositors and investors was one of the chief considerations in Union Finance Minister Nirmala Sitharaman introducing, on Friday, the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha to amend four pieces of legislation. This amendment is also to improve audit quality in public-sector banks (PSBs), offer consistency in reporting by banks to the Reserve Bank of India (RBI), and provide for an increase in the tenure of directors in cooperative banks.
Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's.
The Delhi Police on Friday filed a first information report (FIR) under sections related to death by negligence after the collapse of the roof of Delhi airport's Terminal-1 killed one person and injured six others.
rediffGURU Sushil Sukhwani offers expert advice about pursuing higher education abroad.
Artificial scarcity and lack of clarity on available bandwidth blamed for scam.
'When one is low, all you can do is buckle up and get up and prepare for the next challenge.'
Finance Minister Jaswant Singh on Friday indicated radical changes in auditing norms including disqualification of auditors if they are found to have 'financial relationship' with companies as suggested by the Naresh Chandra panel.
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
Here comes the first Hindi film to hold online auditions.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
"The fact of the matter is we need policies in place. There are no policies in place to ensure that spectrum is adequately and effectively used. There are no policies in place for audit for companies that actually buy spectrum. We must put in place (policies) to ensure that there is spectrum sharing, spectrum trading," Telecom minister Kapil Sibal said at the FICCI Annual General Meeting.
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
The big four global accountancy firms -- PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte -- are circumventing laws to provide auditing services in the country, says a report of an Institute of Chartered Accountants of India's committee.
'I don't think I ever lost the confidence as an actor.'
Ministry of Corporate Affairs suggests overhaul of rules for independent directors.
LIC, ICICI Bank, PNB to have nominees on board; firm asked to sell non-core assets.
FAA, in audits in September and December, downgraded India to Category-II in safety rankings, clubbing it with Zimbabwe and Indonesia.
The swindled amount is nearly half of WazirX's total assets.
Former chief election commissioner S Y Quraishi on Wednesday suggested an annual compulsory audit of funds and donations received by political parties. "We want that all political funding should be transparent and checked. There should be annual compulsory audits by an independent auditor to be picked up from a panel suggested by the Election Commission," Quraishi said.
Thackeray said the probe will ascertain if the fire was an accident or was the fallout of ignoring an earlier safety report.
RIL stated on Saturday that it had never contested the government's right to get spendings on the flagging KG-D6 gas fields audited by the Comptroller and Auditor General of India but added that the consent must not lead to a performance audit of a private firm.
The filing of audit reports was made mandatory in ITR Form 5, 6 and 7 after the tax department noticed discrepancies in filing of some returns along with audit reports.
Reliance Industries on Saturday said it had never contested the government's right to get the company's spending on KG-D6 gas fields audited by the Comptroller and Auditor General but hoped it will not be subjected to a performance audit."RIL has at no time contested the government's right to conduct an audit by any agency, including the CAG, as provided in Section 1.9 of the Accounting Procedure of the PSC," the company said in a statement on Saturday evening.
'I'm there in every frame of this film.' 'The film is named after the character that I play.' 'It's about a feeling like you are capable of shouldering a film entirely on your own, which is a belief that I may not have in myself always.'
